A residential development emerging marketing strategy for Moreland Developments.

Abstract

The current burgeoning property boom coupled with new opportunities created in and around Umhlanga has enabled Moreland (MD) to capitalize on lucrative property development. Although MD's residential division has attained phenomenal sales growth, this is however, not altruistically representative of a demographically multiracial South Africa. Demographic sales representation is exemplified by a discriminatory bias towards specific race groups. Residential sales portfolio reflects a discernible absence of Black African customers. Research undertaken for MD indicates that affluent Black Africans possess the wealth necessary for MD purchases. The problem statement delineates MD's desire to target and capitalize on emerging market trends by restructuring the division's strategy in the delivery of multiracial, especially elite black African, residential consumer patterns in Durban. This exploratory study through perceptual mapping, investigates multiracial market perceptions of Durban's residential consumer behavioral emerging trends. Primary data collated from intercept interviews with: real estate managers representing two affluent Durban areas (Westville and Umhlanga); affluent Black professionals as well as respondent data gleaned from the research questionnaire survey, is comparatively evaluated with similar studies conducted in America, United Kingdom, Australia and the Far East through an intensive literature review. Distinguished global emerging residential trends supplemented by eminent SA emerging patterns are identified for the assessment of local applicability. The amalgamation of primary and secondary data is utilized as a platform to identify strategies that would enable Moreland Developments to materialize the company's objective of attaining enhanced market expansion through the fulfillment of multiracial target consumer needs. This study encloses a strategically analytical expose, outlining the implementation of strategic options available to the company. It is envisaged that through the implementation of a selection of apposite strategies necessary to capture and exploit a lucrative multiracial emerging target market, MD would elevate its position to carve an enviable niche of a market leader and global player in the residential arena. Identifiable areas for future research are proposed.